8. An entity, Dominic Limited has profit after tax of $15 million for the year ended December 31, 2020. The following appropriations of profit have not been included in this amount: 1. Arrears of cumulative preference dividend for 2 years ended December 31, 2020 - $4M 2. Ordinary dividends - $5M 3. Preference share premium payable on redemption-appropriation of profit - SIM 4. Exceptional profit (net of tax) - $4M These share transactions occurred during the year ended December 31, 2020. The entity had 3 million ordinary shares of $1 outstanding at January 1, 2020: Date Ordinary shares issued/purchased Jan. 1 250,000 Issued at $5 per share-$1 paid to date: entitled to participate in dividends to the extent paid up. Apr. 1 600,000 Full market price $3 per share issue. Jul. 1 (400,000) Purchase of own shares at $3.50 per share. Required: Calculate basic earnings per share. (20 marks)